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CII welcomes the Budget 2023-24, which is growth and investment oriented. While addressing fiscal consolidation, it also focuses on inclusive and sustained human development.
The finance minister needs to be complimented for moving ahead with its vision of creating significant infrastructure assets to take India to a high growth orbit. Significant allocations have been made on roads and rail. The adherence to the path of fiscal consolidation while attempting to maintain the quality of deficit would help build credibility and promote investor confidence. Raising the outlay on affordable housing and encouraging capex in states is another welcome announcement. CII particularly welcomes the enhanced outlay on education, healthcare, and skill development with a view to increasing opportunities for the youth and realizing the demographic dividend.
The Budget has retained an agrarian and rural pivot. A comprehensive set of measures have been announced to improve agriculture competitiveness and generate the interest of the private sector. The creation of the agri accelerator fund for agri startups in the Budget would encourage investment in the agri start-up ecosystem.
Besides, the focus on diversification of agriculture towards animal husbandry, fishery, dairy, emphasis on production of millets, creating an efficient information network, increasing the target for agriculture credit, creation of digital public infrastructure are encouraging initiatives which would have a salutary impact on raising agriculture productivity and boosting farmer income.
The Budget rightly recognizes the importance of sustainability and climate as an integral component of our development journey which is intrinsically linked to survival challenge.
Overall, a coherent, purposive and pragmatic Budget, having beneficial provisions for almost all the segments of the society.
Mr Sanjiv Puri,
Vice President, CII, 2022-23
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The finance minister deserves kudos for presenting a landmark budget that provides a substantial growth impetus to the economy while at the same time maintaining a prudent fiscal framework. CII welcomes the emphasis on demand-led growth, higher public investment on infrastructure, addressing social sector priorities and ensuring fiscal credibility to uplift the economy.
The seven key priorities outlined in the budget namely inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, youth power, financial sector and green growth are in resonance with our journey towards Amrit kaal and the vision of India@100, which the Indian industry has articulated. Apart from steps for boosting the economy, the finance minister has also announced a host of measures to further inclusion drive.
Many of the budget provisions are indeed path-breaking. The focus on capital expenditure especially on infrastructure is especially welcome, as it would sustain recovery and create jobs at a time when the world is reeling under extreme global uncertainty and headwinds. Specifically, the increased allocation for ports, roads and the highest allocation for rail etc would raise the efficiency of logistics and supply chain that would spur manufacturing competitiveness.
Similarly, of the announcements on fiscal consolidation, ease of doing business, promoting Atmanirbhar Bharat through customs duty rationalization on inputs used by domestic industry are commendable and deserve to be applauded.
Similarly, a bold agriculture thrust, higher allocation on health, education, skills, attention to start-ups and MSMEs, income tax concessions to boost consumption in the middle class would promote all round growth.
Overall, the Budget is in sync with the dreams of an aspirational nation while envisioning a blueprint and a Strategy for a New India@100.
Mr R Dinesh,
President Designate, CII, 2022-23
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CII welcomes the budget for new India which addresses the growth imperatives without compromising on the fiscal prudence path. Through a slew of measures in forward-looking areas encompassing green growth, digital infra, urban rejuvenation among others, we are happy to note that the budget lays the roadmap for preparing India for the Amrit Kaal, the next 25 years upto India@100, said Mr Sanjiv Bajaj, President, CII, while reacting to the budget proposals, today.
It is encouraging to note that the budget has made a bold attempt to invigorate the critical demand drivers of consumption and investment. The move to rationalise personal income tax rates will go a long way in increasing disposable incomes, thus giving consumption a leg-up which will in turn have a salutary impact on India Inc’s investments. The sharp 33% rise in capital spending budgeted for 2023-24 is in line with CII’s suggestion and lends credence to government’s vision of improving the economy’s growth potential through a push to overall productivity of the economy and creation of jobs, Mr Bajaj highlighted.
Even as a boost was given to demand drivers, the FM did a fine balancing act of maintaining fiscal discipline by containing the fiscal deficit at 6.4% of GDP for the current fiscal and bringing it down along a steady glide path to 5.9% next year, added Mr Sanjiv Bajaj, President, CII.
Mr Sanjiv Bajaj,
President, CII, 2022-23
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Reacting to the Economic Survey 2022-23 tabled in the Parliament today, Mr Sanjiv Bajaj, President, CII stated that the Survey offers a detailed, far reaching, comprehensive and in-depth analysis of the Indian economy while presenting some interesting facts and figures and the most authoritative and updated sources of data. This would provide a rich repository of information and insights on the economy which would hopefully provide some idea on what the budgetary numbers could look like.
The Survey has eluded that the government is on track to achieve the fiscal deficit target for the year despite fiscal pressures, which is commendable. This would not only help maintain credibility and macro-economic stability but would also create the space for increasing capex significantly, especially in the infrastructure sector, to drive the economic growth engine in the current year and beyond. “CII has been advocating that spending priorities should not come in the way of achieving the fiscal deficit targets for the year and has called for a roadmap for gradually reducing the fiscal deficit to achieve the goalpost of 4.5% by FY26.”
The Survey is spot on about the proactive government policies driving up the performance of the financial sector. According to the Survey, India is poised to emerge as one of the fastest-growing insurance markets in the coming decade, which is a significant achievement. Mr Bajaj complimented the Government for its sound management of the economy and promoting growth with inclusion amidst challenging global developments.
31 January 2023
New Delhi
Mr Sanjiv Bajaj,
President, CII, 2022-23
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Anguished at the passing away of Dr Jamshed J Irani. A giant in the firmament of industry, he shaped its trajectory over the decades at a time when India was undertaking its economic reforms process. With his committed initiatives for inclusive and sustainable growth, he set an example for corporate engagement in social and community work. I shall deeply miss his guidance and sage advice, as will my colleagues in CII and the larger Indian Industry. He remains in our heart as a guide and mentor.
Mr Sanjiv Bajaj,
President, CII, 2022-23
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Launch of the Fifth-Generation telecom services in India by Hon’ble Prime Minister Shri Narendra Modi will help India achieve the next phase of digital transformation for our country.
The Nation is relying heavily on 5G to be a game-changer in enabling new use cases and improving efficiency across every industry. With this launch, we are moving towards an inclusive digital transformation ensuring that digital technologies are universally available, accessible, and adoptable, enabling meaningful and safe use of the Internet and digital services for all.
Mr Sanjiv Bajaj,
President, CII, 2022-23
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Sustained policy reforms are imperative to help the country leverage its extraordinary capability and emerge as a USD 40 trillion economy, as India turns 100. Within a conducive environment, I have no doubt that the Indian industry will fulfil its responsibility and chart a bright future for the nation.
Mr. Sanjiv Bajaj,
President, CII
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“Ease of doing business has been taken up in mission mode by the Government and is yielding positive outcomes across multiple parameters. I congratulate the Government for taking a holistic approach to resolving administrative approvals and processes across the board,” said Mr Sanjiv Bajaj, President, Confederation of Indian Industry (CII).
“Measures such as the National Single Window System, land bank, and use of digital processes in a time-bound manner with deemed approvals have contributed to faster speed and timely response from the Government. We are confident that going forward, more processes will be added on the single window and self certification and third party certifications will be rolled out. Industry appreciates the Government's consultative and responsive approach to ease of doing business,” he added.
Mr Sanjiv Bajaj,
President, CII 2022-23
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We have just seen a truly historic WTO deal. India played a constructive leadership role which yielded positive outcomes on TRIPs waiver for COVID vaccine manufacturing, disciplining fisheries subsidies to check illegal and unregulated fishing and decision to work towards finding a permanent solution to public stockholding for food security by next Ministerial. CII congratulates the Hon’ble PM and Commerce Minister and his team for this achievement.
Mr Sanjiv Bajaj,
President, CII 2022-23
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Manufacturing and services will be the twin engines of growth. The enabling policies of the government particularly the PLI scheme, are expected to push manufacturing sector’s contribution in GVA to 27% by FY48. Similarly, Services, too, will witness its share rise from 53% to 55% in the terminal year. The contribution of exports to GDP must rise while the investment rate must be stepped up. Both government and industry must be equal partners in achieving this.
Mr Sanjiv Bajaj,
President, CII 2022-23
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